SAN FRANCISCO, CA and BOSTON, MA — OCT 21, 2020 — Centre today announced that the Solana blockchain has become an Official Chain for USDC, continuing the expansion of USDC as an open standard and protocol for fiat digital currency on blockchains. USDC for Solana will open up exciting new possibilities with a new architecture that will enable applications that require much higher throughput and speed. USDC for Solana is now available on the Solana Mainnet.
USDC has grown rapidly since its launch in 2018, and is now the largest and fastest growing fully-reserved and regulated digital dollar stablecoin in the world. With that growth, Centre has seen expanding demands for using USDC in larger-scale financial market applications. At the same time, innovation in 3rd generation blockchains continues at a rapid pace, and Centre is committed to working with leading blockchain platforms to bring the leading digital dollar standard to more and more platforms.
Through a range of technical breakthroughs, Solana offers significant scalability and speed, delivering upwards of 50,000tps, with block production and settlement finality in 400ms, while operating with extremely low cost transaction fees at a tiny fraction of a cent. As USDC grows in use as a core digital dollar market infrastructure in both centralized and decentralized finance, enabling USDC support on more scalable and cost-efficient infrastructure is vital.
Initial availability of issuance and redemption is being introduced today by Centre co-founding member, Circle, who separately today announced a partnership with Solana to integrate Solana into Circle’s suite of platform services. Additionally, leading digital asset market maker Alameda Research, and global exchange FTX also announced immediate support for USDC on Solana.
“Solana has quickly emerged as a compelling new blockchain platform focused on the critical scaling issues facing the broader DeFi ecosystem,” said Jeremy Allaire, Chairman and CEO of Circle. “We’re excited to bring USDC to Solana where an impressive group of projects and protocols are being developed, and look forward to working with the developers as we collectively pursue a scalable, open and inclusive global financial system.”
“We are excited about the new use cases that USDC on Solana will be able to serve, further growing the cryptoeconomy” said Alesia Haas, Chief Financial Officer at Coinbase. “We look forward to supporting USDC on Solana for both our retail and institutional customers in the future.”